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Good evening everyone!
I posted a couple weeks ago about getting a car loan and now that I have that situation figured out I'd like to give a little background information on my situation as I know when I first filed BK7 I loved reading success stories because it gave me hope.
Okay, so a little background history on my situation. I filed for Chapter 7 protection last year in March the week after my wife and I got married (yay us! lol). I had about $46k in debt between my cars, credit cards, and personal loans at only 21 YO. My wife had about 60k in debt including her vehicle, personal loans, and medical bills at 20 YO. We were making less than 30k/yr together, we had no savings, and we had 2 kids with one on the way while living in my mother's basement just a couple months before... It was not a good time. Well we decided it was time to make a change.
After we filed for BK7 protection our main focus was never getting into that situation ever again. We both went and got new jobs and somehow tripled our income. We were discharged just a couple weeks after the wife delivered our son in June 2017 and I decided to hop on rebuilding our credit immediately.
Capitol One somehow approved us for a $300 credit card right out of BK7. I was amazed because it seems like a lot of people had to wait a little while to be approved with them. I also got us a credit builder loan with a local CU to help boost the score.
After paying the credit card off every month and never letting the balance show more than 30% Capitol One raised the limit to $1300. To put it plain and simple I was blown away even though it may not seem like a lot to some people. I decided since it had been 6 months since discharge I would attempt to get a second card. Well after being denied by Navy Federal twice for a credit card I app'd for another card with Cap One. They gave us another CC with a $1000 limit. I also have a friend who has now put me as an AU on a couple of his credit cards and that's really helped me with my credit card score.
Now after I received my credit cards I decided it was time to repair my auto history. My wife and I both have mixed auto histories. While we've paid off a couple cars, the vehicles we were driving were bought in cash and we had repos and late payments showing from pre bankruptcy on our CRs. Low and behold though Navy Federal granted us an Auto Loan at 9.35% interest.
I was blown away because they wouldn't even grant me a measely credit card and I for sure did not think they would grant us a sub double digit % interest auto loan. After all Capitol one was only giving us 13-17% through the navigator. We purchased a 2006 Chevrolet Corvette Z06, our dream car, earlier this month. We plan to refinance the vehicle and have it paid down in 24 months.
After that vehicle is paid off we should be in the position to then buy our first home together and barring and disaster or emergency hope to have that paid off before we are 28. We now have a great cushion in savings and a lot put into our retirement so far. We had a lot of growing to do but thanks to the help we received from members of this forum and from other financial experts we are now on a path to achieving all of our dreams.
Never give up you all! There is a light at the end of the tunnel and you'll reach it if you're willing to be disciplined and work hard for it!